Miner Vedanta Resources, set to be taken private by chairman Anil Agarwal, reported on Monday a 26.3 per cent rise in quarterly core earnings on higher aluminium production and commodity prices, and said it was hopeful of restarting its copper smelter in India.
The London-listed company, which operates primarily in India and Africa, has been benefiting from a strong recovery in the prices of metals and oil and gas, and had posted a double-digit percentage growth in core earnings last year. The price rebound had also prompted the miner to expand the production of zinc and aluminium.
However, Vedanta reported a core loss of $15 million from copper production, for the three months ended June 30, as output from India fell 73.3 per cent to 24,000 tonnes of copper cathodes. The company had a core profit of $32m from copper in the year-earlier quarter.
Copper production plunged as the company was forced to temporarily shut down its Tuticorin copper smelter in southern India amid protests by local residents over alleged environmental violations. The protests turned violent in May, resulting in the police opening fire and killing 13.
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"We are hopeful about the restart of the copper plant and would expect it to produce 100 kt [kilotonnes] of copper cathodes per quarter in line with its capacity on restart," the company said on Monday.
The fall in copper output was offset by a 37 per cent rise in aluminium production, which contributed nearly a third of Vedanta's total revenue in the quarter.
The company's quarterly zinc output also fell, by 20 per cent, hurt by lower grades.
Vedanta's earnings before interest, taxes, depreciation and amortisation rose to $983 million, for the three months ended June 30, from $778m a year earlier. Revenue rose 15 per cent to $3.55 billion.
Mr Agarwal's family trust last week offered about $1bn in cash to take the miner private.
Shares of Vedanta Resources were little changed on the London Stock Exchange in early trade.
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List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
Killing of Qassem Suleimani
MOTHER%20OF%20STRANGERS
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
